Variances Variances can be either: * Positive/favourable (better than expected) or * Adverse/unfavourable ( worse than expected) A favourable variance might mean that: * Costs were lower than expected in the budget‚ or * Revenue/profits were higher than expected By contrast‚ an adverse variance might arise because: * Costs were higher than expected * Revenue/profits were lower than expected What causes budget variance? There are four key reasons and it is important that
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PRINCIPLES OF MANAGEMENT MGMT 201 STUDY GUIDE – Chapter 1-2 What is Management? The planning‚ organizing‚ leading‚ controlling of resources to achieve organizational goals effectively and efficiently Understand the term POSMEC and the four tasks of management that your textbook discusses Planning: identifying and selecting the most appropriate goals Controlling: establish accurate measuring and monitoring system to evaluate how well the organization has achieved its goal Leading: motivate
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organization. A managers jobs can vary based on the size of an organisation they work for. The concept of a business manager is making sure to help ensuring the company runs smoothly and is doing everything it can for the organization to be successful. A manager will find him or her being in several different hat throughout the company and dealing in several different areas in order to function. One of the most important function of a manager is to motivate his subordinates. Management work is done by people
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ASSIGNMENT OF MANAGEMENT Management is the process of reaching organizational goals by working with and through the people. It’s a function which coordinates the effort of people to reach the goals and objectives by using the available resources effectively and efficiently. The main aim of management is to create corporate policies‚ organizing‚ planning‚ controlling and directing organizational resources in order to achieve
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Introduction Phuket Beach Hotel (PBH) has an underutilized space located on the second floor of the main building. Management has decided to consider investing in one of the two mutually exclusive projects which can effectively utilize the spare space of the Hotel. The first one is an offer made to them by Planet Karaoke pub to sign a four-year lease agreement and earn a monthly rental fee of 170‚000 baht for the first two year and at a 5% increment for the next two years. The second opportunity
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scholars have considered the field of organizational practice as of having greater significance. The food processing industry in India over the 50 years of planned development has made dynamic progress‚ both in terms of number of units and combination to the total food production. With the development of the food processing industry‚ a number of problems arose from time to time‚ which were mainly concerned with the management and government policies‚ labour and by-products‚ et.al. For the healthy
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UVA-C-2297 July 28‚ 2009 DOG CONCIERGES‚ LLC: TRANSACTION ANALYSIS AND STATEMENT OF CASH FLOWS PREPARATION Part I Although he owned his own business‚ Jeff Birch was a financial novice. His passion was dogs‚ and he had finally made the move to start a specialty dog services business in an upscale section of a large mid-Atlantic city. In its first two years‚ Dog Concierges‚ LLC‚ had grown to about $650‚000 in sales. Historically‚ he had left all financial concerns in the hands of his sister
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Principle of Proximity in the Order of Attributive Adjectives Among the most commonly used adjectives are attributive adjectives‚ which describe an inherent characteristic in a noun. Besides occurring before a noun‚ they are most often characterized by having no linking verb between them and the noun (Dirven‚ 1999). For instance‚ “John came home with a green card”. Green is an attributive adjective‚ describing the inherent nature of the card as green. They are distinguished from predicative verbs
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2. Explain the Principles of Management. Management: Management in all business and organizational activities is the act of coordinating the efforts of people to accomplish desired goals and objectives using available resources efficiently and effectively. Management comprises planning‚ organizing‚ staffing‚ leading or directing‚ and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and
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FACULTY OF BUSINESS ADMINISTRATION SEMESTER SEPTEMBER / 2014 BBPP 1103 PRINCIPLE OF MANAGEMENT MATRICULATION NO. : IDENTITY NO. : TELEPHONE NO. : EMAIL : LEARNING CENTRE : TABLE OF CONTENTS Topics Pages 1.0 INTRODUCTION…………………………………………………………….….. 3 2.0 TYPES OF ORGANIZATION STRUCTURE………...………………….……. 5 2.1 Functional Structure……………………………………………………………...… 6 2.2 Geographical Structure………………………………………………………....… 11 2.3 Matrix Structure………………………………………………………………....... 14 2.4 Product
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